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Tesla's 'hidden champion' gives it a foothold in Europe

Tesla's factory in Fremont, California (Photo by Shinya Sawai)

TOKYO -- Tesla Motors has announced that it is acquiring Grohmann Engineering, a German company with advanced automated manufacturing technology. The move is expected to help the U.S. electric car maker greatly increase its production capacity.

That's not all. Tesla hopes Grohmann will help it reduce its production costs and expand its lineup of affordable electric cars, industry sources familiar with the deal said.

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